KUALA LUMPUR: Trade and investments from Italy to Malaysia are expected to show a projected growth of 20 to 25 per cent this year after a sharp increase of 30 per cent in bilateral trade from 2021 to the first 11 months of 2022.
The Italian ambassador to Malaysia Massimo Rustico described the upward trend of investment and trade between the two countries as encouraging in areas such as energy, logistics, and access to raw materials despite the current situation within the international economy.
He said the embassy is currently facilitating major projects that are still pending final investment decisions, which are expected to happen in mid-2023.
"We are discussing investments of a few billion dollars. We are waiting for some final decisions, and of course, it's up to the local authorities and federal and local governments to support the process.
"We have great partners on the federal and local level, and we work a lot with the Ministry of International Trade and Industry (MITI), Malaysian Investment Development Authority (MIDA) and Malaysia External Trade Development Corporation (MATRADE)," he told the New Straits Times.
The total bilateral trade between Malaysia and Italy in 2022 registered at 3.4 billion euros.
Italian exports to Malaysia increased by 36.2 per cent (1.5 billion euros) while imports from Malaysia to Italy were 20.7 per cent (1.9 billion euros) in the first 11 months of 2022 versus the same period in 2021.
Rustico said microchips, helicopters, air traffic management, earthspace, logistics and construction are among the industries from Italy that are interested in investing in Malaysia.
"One of the oldest is microchips. We have a major company that has been established in Malaysia called STMicroelectronics, which is one of the largest in the world.
According to him, establishing STMicroelectronics in the country has created around 5,000 work opportunities and will likely double in the future.
"For helicopters, we have a huge centre for repair and maintenance that is not specifically catered to Malaysia but to other countries in the region. We have the biggest market share in Malaysia," he said.
Rustico also mentioned that Malaysia is the ideal ground to establish hubs to gain access to other ASEAN countries and the Indo-Pacific.
"Malaysia has a unique geographical
position, incredible infrastructure, excellent connectivity, and almost everybody speaks English and a common law system.
"There are plenty of excellent universities. As for the large supply chain, Malaysian products can be more competitive under certain aspects than the rest," he added.
On knowledge transfer of Italian manufacturing and design in Malaysia, Rustico said there are a lot of Italian companies established in the country to do so, and plenty of capable Malaysians share their respective experiences.
"We build rapport with the trade agencies, while the embassy and the Italian Chamber of Commerce often invite entrepreneurs from Malaysia to attend international trade and investment fests in Italy.
"The one that is upcoming is the Salone del Mobile di Milano, which is the international furniture fair," he said at Italian Design Day 2023 recently.
The Italian Design Day is an annual initiative organised by the Italian Ministry of Foreign Affairs and International Cooperation and its diplomatic network with the Italian Trade Agency, participated by Italian embassies in 100 countries.
This year's Italian Design Day theme focuses on environmental impact challenges in design and elevating 'Made in Italy' brand awareness.
Prominent brands like Maserati, Roberto Cavalli, Agusta, Roberto Coin, Lightcraft, Icona and Fincantieri were featured to celebrate Italian design and quality.
